1999 023 Ordinance - Laserfiche WebLink

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Sellers warrant that the premises are presently insured under a Homeowner's Policy insuring the above-described premises against the above-described perils and shall remain so insured until such time as title transfers to Buyer. Any and all insurance proceeds payable by reason of the damage which Sellers are obligated to repair, shall be paid to Sellers, in the event that Buyer chooses to have Sellers repair said damage, otherwise the sum shall be payable directly to Buyer, and Sellers shall take all action necessary for said transfer of such funds. Risk of loss shall be borne by Sellers until transfer of title. 6. MARKETABLE TITLE. Property shall be conveyed to Buyer at close of escrow, free of all encumbrances, covenants, and restrictions except for such utility easements and rights of way of record. It is further agreed between the parties hereto at the time of the delivery of the deed as herein provided, Sellers shall furnish and deliver to the Buyer evidence of title showing good title in~present owner, and free and clear of all encumbrances except as herein stated, and subject to all restrictions now on said premises. Sellers shall each release dower in the property. 7. TITLE GUARANTY. Said evidence of title guaranty shall be in the amount of the purchase price or the tax value of the property, whichever is greater, and is to be furnished within five (5) days prior to closing for examination by Buyer. Sellers shall be given written notice within two (2) days after receipt of such report by Buyer of any defect in title requiring correction, and shall undertake to make such corrections immediately. Sellers shall not be liable for any damages by reason of any defect in title which cannot be corrected, but if such defect is not remedied prior to closing, either 4